USDCAD Classic Technical Report 07.24.2012
Prices followed a Bullish Engulfing candlestick pattern with a break above minor falling trend line resistance set from late June. Buyers now aim to challenge the top of a larger downward-sloping channel set from the June 1 high, now at 1.0255. Near-term support is at 1.0164, with a break below that exposing the 1.0051-101 region anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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